Bitcoin has exceeded the $70,000 milestone, catching many by surprise with its rapid ascent. The cryptocurrency’s value surged as buyers flooded the market, pushing it to new heights and leaving short sellers struggling to cover their positions.

Short sellers bore the brunt of Bitcoin’s sudden surge, with a staggering $85 million worth of short positions liquidated within the past 24 hours, as reported by blockchain analytics platform Coin Glass.&middot

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